Business Today 14 April 2024

The change of guard at the top at Mahindra group IT services company Tech Mahindra is significant in more ways than one. It gives TechM an opportunity to chart out a fresh course of action and a new strategy for growth. The company does need more than a good dose of new energy. While it is the only IT company other than TCS from the House of Tata that is part of a large, diversified conglomerate, the $6.5-billion TechM has so far not been seen in the same league as majors like TCS and Infosys. In fact, on the margins front, it has lagged significantly, with its margins being between 9-12%, while Infosys (16-19%), TCS (18-21%) and even LTIMindtree (over 15%) fare much better. Enter new CEO & MD Mohit…

Air conditioner units outside a building in New Delhi SOURCE: MINISTRY OF POWER, PIB, CMIE ECONOMIC OUTLOOK, MEDIA REPORTS 9% The rise in power demand in the past two to three years; demand will keep growing, per the government 1,617.67 BILLION KWH The expected electricity generation in the country by FY25, up from 1,420.91 billion kWh in FY23 71 PAISE The rise in average power cost per kWh during FY23 on account of more expensive coal imports and higher exchange prices…

50,000 THE LEVEL THE NIFTY 50 MAY HIT BY 2031, ACCORDING TO RAAMDEO AGRAWAL, CHAIRMAN & CO-FOUNDER OF MOTILAL OSWAL FINANCIAL SERVICES. THE INDEX HAD SCALED TO ITS ALL-TIME HIGH OF 22,526.60 ON MARCH 11, 2024 ₹68,000 PER 10 GM THE PRICE OF GOLD BY THE END OF 2024, PER RAVINDRA RAO, HEAD OF COMMODITY RESEARCH AT KOTAK SECURITIES 6.8% (AVERAGE) RETURNS ON THREE- AND FIVE-YEAR FIXED DEPOSITS (FDs) THAT WILL BE DELIVERED BY BANKS IN FY24 COMPARED TO 6.6% IN FY23, ACCORDING TO BANKBAZAAR BROADER MARKETS LEAD IN THE DOMESTIC EQUITY MARKETS, THE BSE MIDCAP, THE BSE SMALLCAP, AND THE BSE SENSEX GAINED UP TO 56% IN FY24 DATA AS OF MARCH 13, 2024; DATA HAS BEEN INDEXED TO 100 SOURCE ACE EQUITY REALTY, POWER SHINE REAL ESTATE AND…

BRITISH AMERICAN TOBACCO P.L.C. (BAT), the London-based tobacco giant, has reduced its stake in Kolkata-headquartered diversified conglomerate ITC Ltd by selling some 436.85 million shares on March 13. The block trade of shares, comprising approximately 3.5% stake in ITC, was sold to institutional investors by way of an accelerated bookbuild process, where shares are offered in a short time period with hardly any marketing. While the move created ripples among market investors in India, BAT’s strategy to utilise the proceeds over the next 18 months to buy back its shares resulted in an upward movement of its stock on the London Stock Exchange (LSE). According to the BAT management, the deal helped the company raise some ₹16,690 crore in net proceeds. While the company did not divulge the rate at…

▸ British American Tobacco’s sale of 3.5% stake in ITC has helped the London-based group raise ₹16,690 crore in net proceeds ▸ Despite the reduction in stake, BAT intends to retain influence in ITC as the largest stakeholder ▸ BAT’s stake sale in ITC is expected to alleviate uncertainties, leading to a steady rise in ITC’s stock price ▸ ITC has seen a slowdown in growth in its cigarettes business but continues to perform well in premium offerings and non-cigarettes FMCG business ▸ After BAT’s stake sale, analysts anticipate a steady performance for ITC due to its diversified business segments and growth prospects…

THE BSE AND the National Stock Exchange (NSE)—two stock exchanges of the country—launched their respective dedicated segments for listing small and medium enterprises, or SMEs, in 2012. Now, 12 years later, the segment—that has much more lenient listing and disclosure norms compared to the main exchange or the main board—has seen nearly 950 SMEs get listed, with the cumulative fundraising pegged at nearly ₹14,700 crore. The vibrancy of the segment can be gauged from the fact that 2023 was a record year both in terms of the number of initial public offers (IPOs)—182—and the amount raised—a whopping ₹4,686.11 crore, as per data from Prime Database. While the platform does provide the much-needed launchpad for the vast SME community of the country, it has also attracted the attention of the capital…